If you are still brooding over the fact that big data can do no good for your business then maybe it’s time that you get your facts right about the Big Data.
Big Data is technology which has the potential to change the way every business is conducted and this include literally everything- from fortune 500 companies to your local retailers.
The field and size of your business is to issue and doesn’t matter because as in coming years data collection, its analysis and its interpretation becomes more accessible to everyone, it will leave an impact on every business which is out there.
Following are the several ways in which big data will impact every business.
Data will be the new asset of every business
These days even the smallest of businesses are generating the data. If any business has a website, social media presence and accepts credit cards it easy for the business to collect the data on customer experience, web traffic, customer preferences and many more. It is evident that if a small business can generate data then there is need for companies of all sizes to plan on how to collect the data, use it and protect it. It means that businesses which never thought about big data would be looking for ways and services to incorporate this technology into their daily business transactions and conducts. In simple words if you have data related to the business and want to improve the business then that data can be used to improve the sales of your business and increase the customer satisfaction.
Better control, better market and more customer intelligence
The companies which we engage in business with knows a lot about us whether we like it or not and quantity and diversity of what they know about us is increasing by the day. They almost recognize from our patterns related to shopping. With the help of big data analytics they already know what customers want and what they will use and what would be there preferable channel for the purchase and many other things. Knowing is not only enough and companies are getting more proactive about advertising their schemes to the customers based on the analysis and not only this but they are also more concerned about the security of their data which they have gathered.
Improvement in internal efficiency
• Optimizing the delivery routes
• Tracking the machine performance using sensors
• Recruiting talent for the company
Big data has got all efficiencies which a company can ask for in order to improve its internal business operations and this is applicable to any type of business. With the appearance of the big data, data is breaking away from the IT department and is becoming an integral part of all departments and fields which collectively comprises a company.
Improve customer experience
Companies use big data in all best possible ways so that they can use their customer experience. One of the best examples of this is John Deere tractors which are equipped with the sensors which helps the company in understanding how the equipment is being used so that they can improve their products as per the user convenience. With more connected things in our lives such as fitness trackers and smart watches companies can gather more data and can sell it back to the consumer.